Industry News

Jobs report sends real estate rates lower

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A disappointing November employment report helped push mortgage rates lower this week, according to Freddie Mac's weekly mortgage survey. Freddie Mac reported that the 30-year fixed-rate mortgage averaged 5.71 percent for the week ended today, down from last week when it averaged 5.81 percent. The average for the 15-year fixed-rate mortgage this week is 5.14 percent, down as well from last week when it averaged 5.23 percent. Points on the 30-year averaged 0.7, while those on the 15-year averaged 0.6. One-year Treasury-indexed adjustable-rate mortgages averaged 4.15 percent this week, with an average 0.7 point, down from last week when they averaged 4.19 percent. "Responding to a weak labor market report that showed November job growth to be far less than had been anticipated, long-term yields – and that includes mortgage rates – reversed last week's hike and fell to the previous week's level," said Frank Nothaft, Freddie Mac vice president and chief economist. "However, m...